Surging prices prompted by Russia's invasion of neighbouring Ukraine have seen hedge funds double down on their commodities bets, with increased exposure bringing sizeable returns, according to a report by CNBC.

Rising oil prices have made the energy sector a target for hedge funds, with crude topping USD130 per barrel at one point last week, while other commodities including aluminium and nickel have also seen big price increases. The former recently reached record highs, while nickel prices more than doubled in a matter of hours on 8 March.

The report name-checks Equinox Partners, Soroban Capital, and Warren Buffett’s Berkshire Hathaway as some of the managers who have upped their commodities exposure in recent weeks.